EU public lacks voice on banking laws

The complexity of financial laws is “an obstacle” that prevents the “man in the street” from influencing the lawmaking process, a high-ranking civil servant in the European Commission said on Wednesday (8 December).

“The complexity of EU law is an obstacle for civil society to take its fair share in the discussion,” said the commission's Eric Ducoulombier.

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He spoke at a conference about how civil society can make its voice heard in the sector.

“We are not fully there yet, I fully admit this,” said Ducoulombier, adding that there is “asymmetry” between those representing the public interest and those representing the interests of financial firms.

The EU bailouts and austerity that ensued also fuelled eurosceptic movements, many of which continue to flourish.

But environmental NGOs, such as Greenpeace International, find it much easier to mobilise public support. Greenpeace International raises over €300 million a year in grants and donations. Finance Watch's last year raised only half a million from private donors, foundations and members.

Even the lesser known Friends of the Earth Europe had an income of €5 million last year.

Banks themselves recognise that there is a lack of public awareness on what they do.

“It is so hard to get people interested in finance,” said Wim Mijs, who heads the European Banking Federation, a lobby group in the EU capital.

The EU has tried to help fill this gap.

Finance Watch itself was born in 2011 out of a concern by MEPs that there should be a civil society group focusing on the public interest in financial legislation.

Over half of Finance Watch's budget comes from EU funds, and last summer the European Commission proposed to provide up to €6 million to Finance Watch and a second NGO, Better Finance, in the 2017-2020 period.

The EU parliament is expected to vote on the commission proposal in March.

Ducoulombier, on Wednesday, admitted that the sum is a modest one, but said it would still help to redress the balance.

“You could say: '€6 million, compared to the firing power [of the financial sector lobby] this is peanuts'. Maybe,” he said.

Angela Merkel - who started her fourth term as Germany's chancellor earlier this week - is wasting no time on big issues like eurozone reforms. On Friday she is meeting Emmanuel Macron where the two will seek common ground.